Adobe Inc. (NASDAQ:ADBE) Shares Sold by SG Americas Securities LLC

SG Americas Securities LLC trimmed its position in shares of Adobe Inc. (NASDAQ:ADBE) by 96.2% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 10,721 shares of the software company’s stock after selling 275,131 shares during the period. SG Americas Securities LLC’s holdings in Adobe were worth $4,767,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Dark Forest Capital Management LP acquired a new position in shares of Adobe in the 2nd quarter valued at approximately $686,000. Mackenzie Financial Corp raised its holdings in Adobe by 0.7% in the second quarter. Mackenzie Financial Corp now owns 67,062 shares of the software company’s stock valued at $37,256,000 after acquiring an additional 451 shares in the last quarter. Select Equity Group L.P. boosted its stake in Adobe by 154.3% during the 2nd quarter. Select Equity Group L.P. now owns 82,924 shares of the software company’s stock valued at $46,068,000 after acquiring an additional 50,321 shares during the last quarter. Susquehanna Fundamental Investments LLC acquired a new position in Adobe during the 2nd quarter worth $44,002,000. Finally, Ninepoint Partners LP increased its position in shares of Adobe by 7.6% in the 2nd quarter. Ninepoint Partners LP now owns 1,306 shares of the software company’s stock worth $726,000 after purchasing an additional 92 shares during the last quarter. Hedge funds and other institutional investors own 81.79% of the company’s stock.

Analyst Upgrades and Downgrades

ADBE has been the subject of a number of research reports. DA Davidson decreased their price target on Adobe from $685.00 to $625.00 and set a “buy” rating for the company in a research note on Thursday, December 12th. Piper Sandler decreased their target price on Adobe from $635.00 to $600.00 and set an “overweight” rating for the company in a research report on Thursday, December 12th. UBS Group dropped their price target on Adobe from $525.00 to $475.00 and set a “neutral” rating on the stock in a research report on Friday, January 3rd. Stifel Nicolaus lowered their target price on shares of Adobe from $650.00 to $600.00 and set a “buy” rating for the company in a research note on Thursday, December 12th. Finally, BMO Capital Markets reduced their price target on shares of Adobe from $600.00 to $570.00 and set an “outperform” rating on the stock in a research report on Thursday, December 12th. One analyst has rated the stock with a sell rating, ten have given a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $573.00.

Insiders Place Their Bets

In other Adobe news, Director Amy Banse sold 606 shares of the company’s stock in a transaction dated Friday, December 6th. The stock was sold at an average price of $550.00, for a total value of $333,300.00. Following the transaction, the director now directly owns 32,929 shares of the company’s stock, valued at $18,110,950. This represents a 1.81 % decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CAO Jillian Forusz sold 676 shares of Adobe stock in a transaction dated Tuesday, October 29th. The shares were sold at an average price of $484.97, for a total value of $327,839.72. Following the sale, the chief accounting officer now owns 2,715 shares of the company’s stock, valued at approximately $1,316,693.55. This represents a 19.94 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.15% of the company’s stock.

Adobe Price Performance

Shares of NASDAQ:ADBE opened at $435.38 on Friday. The company has a market cap of $189.52 billion, a P/E ratio of 35.11, a price-to-earnings-growth ratio of 2.12 and a beta of 1.31. The company’s fifty day moving average is $469.50 and its two-hundred day moving average is $509.04. The company has a quick ratio of 1.07, a current ratio of 1.07 and a debt-to-equity ratio of 0.29. Adobe Inc. has a 12-month low of $403.75 and a 12-month high of $638.25.

Adobe (NASDAQ:ADBE) last announced its quarterly earnings data on Wednesday, December 11th. The software company reported $4.81 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.67 by $0.14. The firm had revenue of $5.61 billion during the quarter, compared to the consensus estimate of $5.54 billion. Adobe had a return on equity of 45.87% and a net margin of 25.85%. The business’s revenue for the quarter was up 11.1% on a year-over-year basis. During the same period in the prior year, the business earned $3.52 EPS. Equities analysts expect that Adobe Inc. will post 16.65 earnings per share for the current fiscal year.

Adobe Company Profile

Adobe Inc, together with its subsidiaries, operates as a diversified software company worldwide. It operates through three segments: Digital Media, Digital Experience, and Publishing and Advertising. The Digital Media segment offers products, services, and solutions that enable individuals, teams, and enterprises to create, publish, and promote content; and Document Cloud, a unified cloud-based document services platform.